"But I also reserve the right to be disappointed given gold's lackluster performance so far this year." "With gold's push back above $1,800 you have to be bullish on gold," said Ole Hansen. December gold futures last traded at $1,797.30 an ounce, up 1.63% from last week.Īlthough some analysts are bullish on gold, they don't see the market attracting major capital until resistance at $1,835 is broken. Another 134, or 22%, said lower, while 104 voters, or 17%, were neutral.Īlthough the precious metal is down from its session highs, it is still on track to end its second week with gains. Of these, 360 respondents, or 60%, looked for gold to rise next week. Meanwhile, A total of 598 votes were cast in online Main Street polls. At the same time, two analysts, or 13%, were neutral on gold in the near term. Among the participants, 13 or 87%, called for gold prices to rise. This week 15 Wall Street analysts participated in Kitco News' gold survey. He noted that although there is a growing risk that supply-chain issues could keep inflation pressures elevated through 2022 however, he added that his base case is for the supply bottlenecks to be resolved and for inflation to push back to 2%.īefore Powell's comments, analysts were significantly bullish on gold with many looking for prices to test major resistance at $1,830 an ounce. He added that he expects the tapering to be completed by mid-2022. central bank is on track to start reducing its monthly bond purchase. (Kitco News) - The rising inflation threat is creating some significant bullish sentiment in the gold market, even as Federal Reserve Chair Jerome Powell tries to talk down those growing concernsĮarly Friday, gold prices rose to a six-week high, pushing above $1,800 an ounce however, most of those gains proved to be short-lived after Powell reiterated his stance that the U.S. Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions.